1% Crude prices are recording increases for the second consecutive session, in the middle of the European session’s trading session for today, Wednesday, June 8th, by more than 1%, benefiting from the markets’ expectations of a rise in demand after the largest consumer of crude in the world returned to its activity naturally after easing restrictions in Shanghai and amid anticipation in Markets for inventory data from the US Energy Information Administration.
The report of the American Petroleum Institute showed in the preliminary reading of stocks, issued on Tuesday, that US stocks rose in the last week ending on the third of June by 1.85 million barrels, compared to expectations that indicated a decline of about 2.9 million barrels. In details, gasoline stocks rose by 1.82 million barrels, and distillate stocks, which include heating and diesel fuels, rose by 3.38 million barrels.
It is estimated that today’s official stocks will decline last week by about 2.9 million barrels.
Meanwhile, investment bank Goldman Sachs raised its forecast for Brent crude to $140 a barrel and US crude to $137 in the third quarter.
Brent crude is trading at levels of $121.69 a barrel, an increase of about 1%, while US crude (NYMEX) is trading at levels of $120.70 a barrel, up by about 1.10%, at its highest level in three months.
02/11/2024
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